By Andrei Skvarsky. Russia’s Otkritie Financial Corp plans to buy out Nomos-Bank, in which it owns a one-fifth stake, in a declared bid to become “the largest independent public financial group in Russia” within the next three years. Otkritie, which plans an initial public offering, said in a statement it has clinched a deal with… Continue Reading
Category Archives: News
Morgan Stanley parting company with top managers for Russia
By Andrei Skvarsky. Morgan Stanley is parting company with the two top managers of its Russian office, chairman Rair Simonyan and president Elena Titova. Media reports have expressed a surmise that both may join Russian oil major Rosneft. Reuters cited Russian media as saying Titova, who spent around 12 years at Goldman Sachs before joining… Continue Reading
EXCLUSIVE: Merrill’s Korishchenko to become CEO of Russia’s Investbank
By Andrei Skvarsky. Russia’s Investbank has confirmed that it is handing its job of chief executive to Konstantin Korishchenko, who is quitting as Merrill Lynch’s head for Russia. An Investbank spokeswoman told EmergingMarkets.me that Korishchenko’s candidacy had been approved by the supervisory board of the Moscow-based firm but that the appointment procedure would take a… Continue Reading
ING names head of commercial banking in Russia
By Andrei Skvarsky. The Netherlands’ ING Group has appointed its veteran Luc Truyens as head of commercial banking in Russia. Truyens, who takes up his duties on September 3, joined Banque Bruxelles Lambert (BBL) 29 years ago and has stayed at ING since the latter took over the Brussels-headquartered bank in 1998. “With the arrival… Continue Reading
Troika Dialog hires ex-VTB banker to run intl fixed income sales
By Andrei Skvarsky. Troika Dialog has hired Dean Tyler from VTB Capital as head of international fixed income sales. The recruitment of Tyler, who took up his duties this month and is based in Troika’s London office, is part of the Moscow-based brokerage’s current integration with Sberbank that aims to give Russia’s biggest lender a… Continue Reading
GOLDMAN SACHS COMMENT – Russia: The only G20 economy that needs to slow down
By Clemens Grafe, Chief Economist, Goldman Sachs Russia. (Excerpt) Russia’s economy continues to be out of synch with much of the rest of the world: GDP growth has held up at an above-trend pace despite a slowing global economy. That said, we estimate that the output gap has now closed and that the economy will… Continue Reading
EXCLUSIVE: New investment fund going after Russian agriculture’s untapped potential
By Andrei Skvarsky. Three British businessmen have set up a fund to invest in agriculture in Russia and elsewhere in the CIS, turning to a largely neglected industry with vast investment opportunities. Investing in the abysmal infrastructure of Russian agriculture is the chief objective of the fund, which has an equity target of $150m and… Continue Reading
WERMUTH COMMENT: Markets are far from convinced that the Brussels agreement will work for the euro
By Dieter Wermuth, Chief Economist, Wermuth Asset Management. Other than I had expected, the June 29 agreements about the euro area banking union had impressed markets for only a short while. I think, though, that we have been witness to an irreversible quantum leap towards a stable institutional set-up for the common currency. The dangerous… Continue Reading
GOLDMAN SACHS COMMENT: Markets and Moods
By Jim O’Neill, Chairman, Goldman Sachs Asset Management. Markets and Moods. So, here’s the situation. The mood is grim. A lot of economic data has turned grimmer, which makes many people so bearish about many things, markets included. Much of the “mood” centres on a sense of hopelessness about Europe, with the risk on/risk off… Continue Reading
Ex-adviser to Russian government: “zero prospect” of Moscow being international financial centre
By Andrei Skvarsky. Tim Reucroft, a London-based consultant who has advised Russia and other emerging markets on capital market infrastructures, has said the Kremlin’s plan to turn Moscow into an international financial centre has “zero prospect” of materialising. An IFC is all about cross-border flows, and so the Russians are wrong to be focusing on… Continue Reading
RenCap beefs up global business with dozen appointments
By Andrei Skvarsky. Renaissance Capital has beefed up its operations across the globe this month with a series of senior hires and staff moves. The appointees have filled equity products, research, electronic trading and other positions at RenCap, the Moscow-headquartered investment bank said in a series of statements. They include five senior managers in the… Continue Reading
RenCap gains quicker access to Micex-RTS with GATElab module
By Andrei Skvarsky. Renaissance Capital has obtained much faster access to the Micex-RTS stock exchange this month by launching a software module developed by electronic trading solutions provider GATElab. By using GATE’s high frequency software trading module, a RenCap client would take a maximum of 130 microseconds to gain one way nic-to-nic access to Micex-RTS,… Continue Reading
SunGard comes up with software to fight market manipulation
By Andrei Skvarsky. SunGard, a multinational software and technology services company, has extended the capabilities of its principal risk avoidance and transparency suite to help regulators, trading venues and firms to detect and prevent market manipulation and insider trading. One of the new features of the Protegent set of programs is a library of rules… Continue Reading
RenCap’s ranks of clients likely to swell after etrade deal
By Andrei Skvarsky. Renaissance Capital has joined the trading network of global online services provider SunGard in a move enabling the Russian investment bank to offer brokerage services to more than 2,000 asset management companies and 530 brokerages seeking access to Russian markets. SunGard clients will now be able to route trade order flows directly to Russia’s Micex-RTS… Continue Reading
RenCap says ruble’s decline no reason for anxiety
By Andrei Skvarsky. Renaissance Capital argues that this month’s 7.2% decline of the Russian ruble versus the dollar is not much to worry about. Various currencies have been going down against the dollar, and the ruble has been doing better than, for example, the Polish zloty, the Hungarian forint or the Czech koruna, which have… Continue Reading
AGC makes biggest-ever Middle East investment in Russia
By Andrei Skvarsky. AGC Equity Partners has acquired $175m interest in a major Russian generating company in what is seen as the largest-ever Middle East investment in Russia. The London-headquartered firm with a team in the Middle East is part of an international consortium that has bought a 26.43% blocking stake in Italian-controlled Enel OGK-5… Continue Reading
Renaissance promotes Merzlenko, Andrews to partners
By Andrei Skvarsky. Russia’s Renaissance Group has appointed two of its top bankers, Alexander Merzlenko and Nick Andrews, as partners. Merzlenko joined Renaissance Capital in 2000. In 2009, he was appointed as RenCap’s head of Russian investment banking and financing, and in 2011 given an additional role as Renaissance Group’s deputy CEO for Russia. He… Continue Reading
Investors should avoid Russia’s oil and gas sector – Wermuth
By Andrei Skvarsky. Russia’s oil and gas sector would be the wrong choice for an investor these days, according to Dieter Wermuth, chief economist at Wermuth Asset Management, a Russia-focused German fund manager. With global economic growth slowing down significantly, a world oil price that has quintupled since 2003 makes no sense economically and mainly… Continue Reading
EXCLUSIVE: Aubreck Leung headhunter appoints head of emerging markets research
By Andrei Skvarsky. Aubreck Leung, a London-based financial services executive search firm, has hired James Hicks, previously an employee at Russia’s Trust Investment bank, as head of emerging markets research, the British firm’s managing partner Joseph Leung told EmergingMarkets.me. Hicks was based both in Moscow and in London when working for Trust. “We are delighted… Continue Reading
VTB Capital makes new hires in Middle East and Africa
In line with VTB Capital’s global expansion strategy, James Williams, Head of Middle East Equity Trading, Nick Bye, Middle East Equity Structuring, Karim Nsouli, Head of Middle East Cash Equity Sales & Sales Trading, Ali Salam, Head of Strategic Equity Distribution – Middle East and Ziad Al Amin, Head of Multi Product Origination and Distribution… Continue Reading
VTB Capital announces management changes in its Investment Management business
Dmitry Ivanter has been appointed as the Chairman of VTB Capital Investment Management Executive Committee. The Committee is tasked with the strategic and operational governance of VTB Capital’s Investment Management business, one of the three main arms of VTB Capital’s business. The VTB Capital Investment Management Executive Committee consists of a Chairman, Global Head of… Continue Reading
Sberbank of Russia and Troika Dialog Announce the Closure of their Deal to Create the Largest Universal Banking Institution in Russia
Sberbank of Russia and Troika Dialog announce the closure of the deal to merge the two companies. This landmark event signals the creation of the largest universal banking institution in Russia. The integration of Troika Dialog will enable Sberbank to reach a new level of client service through high-quality financial consultation and a broad choice… Continue Reading
GOLDMAN COMMENT: Europe Needs Growth, not More Austerity
Jim O’Neill, Chairman, Goldman Sachs Asset Management Late Friday, the S&P finally followed through with their early December 2011 threat and downgraded a number of European countries’ credit rating, including Austria and France, who lost their AAA status. This threat had been hanging over the markets ever since the last EU Summit and, at least… Continue Reading
VTB Capital appoints CEO for Middle-East and Africa
Makram Abboud has been appointed as CEO Middle East & Africa and Co-Head of the International Multi-Product Origination and Distribution group for VTB Capital plc. In both these roles, Makram will be responsible for the development and implementation of VTB Capital’s International Client Franchise strategy internationally and in MENA, where VTB Capital’s goal is to… Continue Reading
VTB Capital announces key appointment in Fixed Income
Philip Hamilton has been appointed Head of VTB Capital’s Global Fixed Income Flow Sales Group. The Group was formed following the strategic realignment and enhancement of VTB Capital’s Global Markets Sales & Origination structure. Philip will be responsible for managing and growing VTB Capital Fixed Income flow distribution franchise with Russian and international clients. Over… Continue Reading
Ovanes Oganisian to Join Troika Dialog as Strategist
Troika Dialog announced the appointment of Ovanes Oganisian as Strategist. In his new position, Ovanes will work closely with Chief Strategist Chris Weafer to provide insightful analysis for Troika Dialog’s client base on what promises to be another fascinating period for Russian and CIS equities. Ovanes comes to Troika Dialog with over 15 years of… Continue Reading
GOLDMAN COMMENT: A New Year Ray of Hope?
By Jim O’Neill, Chairman, Goldman Sachs Asset Management Sticking with my theme of trying to be pragmatic, the first week of 2012 closed with, on the one hand, a few highly interesting developments, and on the other hand, a sense of 2011 déjà vu, especially as it relates to Europe. Following the tone of my… Continue Reading
VTB Capital Appoints CEO For Asia
Damian Chunilal has been appointed as CEO Asia for VTB Capital and will be based in Hong Kong and oversee the strategic development and further acceleration of the company’s expansion in financial markets across Asia. Mr. Chunilal will report to Atanas Bostandjiev, CEO, UK and International for VTB Capital. Damian Chunilal has more than 20… Continue Reading
Houlihan Lokey is expanding its M&A team
Steven Tishman has joined Houlihan Lokey as Global Head of M&A. Previously Steven was co-head of U.S. M&A at Rothschild. Houlihan Lokey, one of the largest global private investment banks is currently taking steps to actively expand its services in Eastern Europe and the CIS. It currently covers these regions from European offices and have already completed several high-profile mandates in Russia, Kazakhstan and Eastern… Continue Reading